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Australia news live: escalating Middle East conflict will see prices rise again, Chris Bowen says

The energy minister says Australia has 41 days’ worth on petrol in strategic reserve. Follow today’s news live Get our breaking news email , free app or daily news podcast Western Australian police have said a man had been shot at a residence on Owen Place in Hamilton Hill, around 4.35am this morning. In a statement, police and St John WA responded and provided emergency first aid to the victim. The man has been conveyed by St John WA to hospital with serious injuries. Police believe two males, dressed in all black clothing, were involved in the shooting. Significant police resources have been deployed and are conducting a thorough search of the area. The situation is getting worse in the Middle East. The dispute involving Saudi Arabia and the Houthis and the ongoing war in Iran is doing nothing to improve the fuel supply around the world and is pushing up prices of oil. We’re seeing that in the markets even overnight, and that will inevitably also flow through to Australia. However, the Australian government will remain firmly focused on ensuring our fuel security, just as we have for the last more than six months since this crisis began. Continue reading...

The GuardianThe Guardian•Cait Kelly12 Sept

Europe's "Less" Is Doing More Than Anyone Gives It Credit For

Brent is sitting a touch above $104 this morning, down slightly from yesterday's surge. The Strait of Hormuz, which used to move something like a fifth of the world's oil and LNG before the war, has been effectively shut since March. Saudi output dropped around 1.9 million barrels a day in August, tanker rates are breaking records, and the EIA doesn't see Middle East production back near pre-conflict levels until the second quarter of 2027. Meanwhile, the European Union imports 57 percent of the energy it consumes and spent €340 billion on…

OilPrice.comOilPrice.com•Michael Kern11 Sept

Supertanker Rates Hit $800,000 a Day as Gulf Tensions Escalate

Supertanker rates on the Baltic Exchange's benchmark Middle East-to-China shipping route have surged to a staggering $800,000 a day. With US forces having destroyed five Iranian-linked tankers and Tehran threatening further escalation in recent days, prospects for near-term stabilization remain limited. The freight surge signals that crude oil and refined products continue to flow but are becoming increasingly costly to transport out of the Gulf region to global markets. According to Bloomberg, US Gulf-to-Asia shipments on very large crude carriers…

OilPrice.comOilPrice.com•OilPrice.com11 Sept

WTI Breaks $100 as Middle East Supply Crisis Deepens

October WTI crude oil futures are trading at $101.26 early Friday, up $10.04 or 11.01% for the week so far. The contract traded as low as $90.87 before reaching $104.46, its strongest level since May. Last week, the market was testing whether escorted cargoes and alternate routes could keep enough Gulf oil moving to reduce the war premium. This week, tanker attacks increased around the Strait of Hormuz, Saudi energy facilities came under attack, and the supply threat spread toward the Red Sea. WTI did not break $100 because every Middle East barrel…

OilPrice.comOilPrice.com•Editorial Dept11 Sept

Australian fuel prices set to rise by 30c as global markets react to ‘deadly cocktail’

Global oil price at its highest since May while investors dump stocks and bonds after Donald Trump’s $5,000 ‘dividend’ promise Fuel prices are on track to climb a further 20 to 30 cents over coming weeks as the escalating Middle East conflict pushed the global oil price to its highest since mid-May. As investors dumped stocks and bonds in an increasingly febrile environment, Donald Trump’s promise to give every US adult citizen a $US5,000 “dividend” after the November mid-terms added to alarm around the parlous state of the country’s finances. Continue reading...

The GuardianThe Guardian•Patrick Commins Economics editor11 Sept

Middle East live: Trump says he has no regrets about launching Iran war

US President Donald Trump told Fox News Thursday he didn't have any regrets about launching the US-Israeli war against Iran, insisting he would do "exactly" as he had done again if given another chance. The rising cost of living fuelled by the war is expected to take a toll on support for Trump's right-wing Republican Party in the November midterm elections. Follow our liveblog for the latest updates.

France 24France 24•FRANCE 2411 Sept